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China Lowers Growth Target to About 7%
Keywords:
Tags: Current Focus, China,
China's National People's Congress in 2015 and economic policy
03/04/2015
A 7% growth target and creation of 10 million new jobs, improved safety net, deposit insurance, were targets set at the 2015 National People's Congress, as China shifts to lower growth and structural reforms.
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Reforms include letting more cities issue bonds directly to increase transparency for construction spending and control debt. Deposit insurance is listed under Major Tasks in the Li Keqiang Report. Spending priorities established at the Congress show increased spending on healthcare, military, and social security. Growth targets were made flexible of around 7%, with more focus on creating jobs, according to finance minister Ji Wei. The debt to inflation adjusted GDP will be about 2.1%, according to Finance Ministry.
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China Lowers Growth Target to About 7%
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China's fiscal 2014 budget plans and spending priorities set at the National People's Congress (NPC) in 2014
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Increase in the budget deficit by 12.5% to meet spending priortities in the areas of job growth, healthcare, military spending, and tackling pollution.
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